Happy Saturday to all traders! I Respect the GRIND. Today I happened to take a look at Cannabis and the chart looked fantastic, let me know what you think:
1) Cannabis has been in a rising wedge pattern, which almost always shows a upcoming breakout. It is also at the end of the pattern, so it should happen soon.
2) Secondly, 20 day SMA crossed above the 50 day. Also called the 'golden cross,' it shows the asset has been on fire recently and is starting to turn up.
3) Most importantly there was a very large RSI Bullish Divergence from July to October. This occurs when the price is falling, but the Relative Strength index is rising, which signals growing momentum. Using this, we can infer that Cannabis is reasonably oversold.
4) Lastly, as an add on, I included the Parabolic SAR. As you can see, the SAR dots are still under the price, which has occurred from the beginning of September. This is very incredible because it has not significantly dipped for months!
Therefore I am long on Cannabis, and hope you agree! Thanks.
1) Cannabis has been in a rising wedge pattern, which almost always shows a upcoming breakout. It is also at the end of the pattern, so it should happen soon.
2) Secondly, 20 day SMA crossed above the 50 day. Also called the 'golden cross,' it shows the asset has been on fire recently and is starting to turn up.
3) Most importantly there was a very large RSI Bullish Divergence from July to October. This occurs when the price is falling, but the Relative Strength index is rising, which signals growing momentum. Using this, we can infer that Cannabis is reasonably oversold.
4) Lastly, as an add on, I included the Parabolic SAR. As you can see, the SAR dots are still under the price, which has occurred from the beginning of September. This is very incredible because it has not significantly dipped for months!
Therefore I am long on Cannabis, and hope you agree! Thanks.